Asahi Kasei Fudousan Residence Corp will be rebuilding two small apartment buildings in Shibuya-ku.
The first is “Udagawacho Jutaku” (3-3 Udagawacho) which is located alongside “Shibuya Koen Dori Avenue and next to the Shibuya Tobu Hotel. The street includes stores such as Parco, Gap and Opening Ceremony. The current 7-storey building has just 16 apartments and was completed in 1961. Approval from all apartment owners was obtained in September 2010 and demolition began last month.
The new building will be 13 stories and have 49 apartments (30 will be for sale) and a retail space. Apartments will range in side from 33.77 to 104.89 sqm and completion is expected by September 2013. This is a prime and rare location so apartment sales will be strong.
*Update: The new apartment building is called Atlas Shibuya Koen Dori. All apartments sold out one month prior to completion.
The second reconstruction project is “Motoyoyogi Jutaku” (27-5 Motoyoyogicho). This is a 5-storey building with 30 apartments. The old building was completed in 1967. The new building will be 6 stories and will have 38 apartments, of which 14 will be for sale. New apartments will range in size from 34.55 to 79.16sqm. Completion is scheduled for September 2013.
*Update: All apartments in Atlas Motoyoyogicho sold out by August 2013.
Asahi Kasei has a total of 14 small-scale reconstruction projects that are completed or nearing completion in Tokyo. There are as many as 3,200 small-scale condominiums with less than 30 units that are built to the older earthquake standards (kyu-taishin) in Tokyo. Reconstruction of aging, small-scale condominiums has not been progressing smoothly as it is difficult to attract developers to smaller projects. In many cases the buildings are already built to the maximum size for the block of land so additional floorspace cannot be made available for sale in the new building.
Source: Re-Port, March 27, 2012.
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